Sweetgreen (NYSE:SG) Shares Gap Down After Insider Selling

Sweetgreen, Inc. (NYSE:SG) gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $42.20, but opened at $36.39. Sweetgreen shares last traded at $39.63, with a volume of 2,779,849 shares changing hands.

Specifically, insider Nicolas Jammet sold 16,751 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $40.04, for a total value of $670,710.04. Following the sale, the insider now owns 1,930,233 shares in the company, valued at approximately $77,286,529.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jonathan Neman sold 20,937 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $40.03, for a total transaction of $838,108.11. Following the completion of the sale, the chief executive officer now owns 1,930,228 shares in the company, valued at approximately $77,267,026.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of research firms have recently commented on SG. Piper Sandler reiterated a “neutral” rating and set a $39.00 price target (up previously from $33.00) on shares of Sweetgreen in a report on Monday, August 19th. TD Cowen reiterated a “buy” rating and set a $43.00 price target on shares of Sweetgreen in a report on Friday, September 27th. Oppenheimer increased their price objective on shares of Sweetgreen from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Citigroup increased their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Finally, Bank of America increased their price objective on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.30.

Sweetgreen Stock Performance

The business’s fifty day moving average is $35.43 and its two-hundred day moving average is $31.21. The company has a market cap of $4.52 billion, a P/E ratio of -51.51 and a beta of 2.32.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.34%. The business had revenue of $184.60 million during the quarter, compared to the consensus estimate of $180.79 million. During the same quarter in the prior year, the firm posted ($0.20) EPS. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. Analysts expect that Sweetgreen, Inc. will post -0.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SG. Driehaus Capital Management LLC grew its position in Sweetgreen by 231.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock worth $81,028,000 after purchasing an additional 1,878,216 shares during the last quarter. Hood River Capital Management LLC purchased a new stake in Sweetgreen during the 1st quarter worth approximately $29,105,000. Allspring Global Investments Holdings LLC purchased a new stake in Sweetgreen during the 2nd quarter worth approximately $33,449,000. Renaissance Technologies LLC purchased a new stake in Sweetgreen during the 2nd quarter worth approximately $29,109,000. Finally, Baillie Gifford & Co. lifted its stake in Sweetgreen by 6.2% during the 2nd quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock valued at $371,516,000 after acquiring an additional 721,740 shares during the period. Hedge funds and other institutional investors own 95.75% of the company’s stock.

About Sweetgreen

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.